- Aura Minerals (ORA) has sold all shares of its indirect wholly-owned subsidiary Z79 Resources Inc
- The company sold the shares to PPG Arizona Holdings Acquisition, LP, an affiliate of Pandion Mine Finance, LP
- Z79 Resources, Inc. owns the Gold Road mine, located in Arizona, through Gold Road Mining Corp
- The transaction was sealed for nominal cash consideration of US$1
- Aura is a mid-tier gold and copper production company
- Aura Minerals Inc. opened trading at C$6.76 per share
Aura Minerals (ORA) has sold all shares of its indirect wholly-owned subsidiary Z79 Resources Inc.
Aura Minerals Inc. sold the shares to PPG Arizona Holdings Acquisition, LP, an affiliate of Pandion Mine Finance, LP.
Z79 Resources, Inc. owns the Gold Road mine, located in Arizona, through Gold Road Mining Corp.
The transaction was sealed for nominal cash consideration of US$1.
“We are selling Gold Road at the same price we bought it,” said Rodrigo Barbosa, President & CEO of Aura.
“We like to take carefully-studied risks to provide good returns to our shareholders, but we will not succeed in 100 per cent of our initiatives, and we need to know when to stop and change,” he added.
In March 2020, Aura announced, in a joint press release issued with Para Resources Inc., that Aura, through a wholly-owned subsidiary, had completed the purchase of all of the issued and outstanding shares of Z79 from Para. As a result, Aura also indirectly acquired Z79’s wholly-owned subsidiary, GRMC.
In November 2021, Aura announced its decision not to continue investing in Z79 and GRMC to prioritize capital allocation and management efforts to its much larger operating assets and projects with higher potential in other locations.
In addition, the company decided to evaluate strategic alternatives including the potential disposal of the Gold Road mine and related assets.
Aura is a mid-tier gold and copper production company focused on the development and operation of gold and base metal projects in the Americas.
Aura Minerals Inc. opened trading at C$6.76 per share.